Did securitization exacerbate the foreclosure crisis by altering mortgage servicing practices? I exploit the … unanticipated freeze of private mortgage securitization in 2007 to provide new evidence that securitization increases foreclosure … favoring foreclosure. The evidence implies that securitization significantly increased foreclosure rates during and after the …

State foreclosure and bankruptcy laws govern the rights of mortgage lenders and borrowers during foreclosure and … laws on the types of mortgages originated. The empirical identification is based on state-level variations in foreclosure … likely to be originated in states with lender-friendly foreclosure laws. Also, higher-risk loans are less likely to be …

mortgage interest payments were not tax deductible. Temporarily higher inflation might have lowered the foreclosure rate as … match the homeownership rate, the average foreclosure rate, and the lower tail of the distribution of home-equity ratios … facts. We then use the model to account for the foreclosure crisis in terms of three shocks: overbuilding, financial …

the foreclosure crisis, an empirical understanding of the effect of foreclosure procedures on the mortgage market is … favorability of state foreclosure laws to lenders. Mortgage origination data from state-border areas shows that lender …Foreclosure procedures in some states are considerably swifter and less costly for lenders than in others. In light of …

I identify shocks to interest rates resulting from two administrative details in adjustable-rate mortgage contract … the time of ARM reset results in a 2.5 percentage rise in the probability of foreclosure in the following year; and that … each foreclosure filing leads to an additional 0.3-0.6 completed foreclosures within a 0.10 mi radius. I emphasize price …

, the average foreclosure rate, and the distribution of home-equity ratios across homeowners prior to the recent boom and … mortgage crisis by studying the consequence of an unanticipated increase in the supply of housing (overbuilding shock). They … show that the model can account for the observed decline in house prices and much of the increase in the foreclosure rate …

I develop an equilibrium model of housing and default to jointly analyze the effects of bankruptcy and foreclosure … debt. I show that the interaction between foreclosure and bankruptcy decisions is crucial for explaining the observed cross … bankruptcy rates but increased foreclosure rates, and that the Home Affordable Refinance Program reduced foreclosures during the …

How much of the recent rise in foreclosures can be explained by the large number of high-leverage mortgage contracts … originated during the housing boom? We present a model where heterogeneous households select from a set of mortgage contracts and … choose whether to default on their payments given realizations of income and housing price shocks. The set of mortgage …